What is JORC?
JORC is the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves — the professional standard that governs how mineral exploration results, mineral resources, ore reserves, and exploration targets are disclosed to the investment market in Australia and New Zealand.
- Content updated
- Code edition covered
- JORC 2012
- Core reference
- JORC Code, 2012 Edition (PDF)
- Source checked
The Joint Ore Reserves Committee
The name JORC comes from the Joint Ore Reserves Committee, the body that prepares and maintains the Code. The Code is prepared by the Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy (AusIMM), the Australian Institute of Geoscientists (AIG), and the Minerals Council of Australia (MCA). The Financial Services Institute of Australasia endorses the Code.
The Code is binding on members of AusIMM and AIG through the rules of those organisations, which carry enforceable disciplinary processes including the power to suspend or expel a member. MCA and the Financial Services Institute of Australasia endorse but do not impose the Code on their own members.
Editions of the Code
JORC was established in 1971 and published several reports on Ore Reserve classification before releasing the first edition of the JORC Code in 1989. Revised editions followed in 1992, 1996, 1999, and 2004. The edition covered by this page is JORC 2012, which took effect on 20 December 2012 and became mandatory from 1 December 2013. JORC 2012 superseded all previous editions.
Regulatory force: ASX and NZX listing rules
ASX and NZX listing rules incorporate requirements relating to the JORC Code for relevant public reporting by entities subject to those rules. The applicable exchange rules and guidance may impose requirements in addition to the Code.
Applicable listing rules and guidance may impose requirements beyond the Code itself and should be read alongside the Code text.
The three principles
Clause 4 of the Code sets out three governing principles that apply to the operation and application of the Code and every Public Report.
- Transparency
- The reader of a Public Report must be provided with sufficient information, presented clearly and unambiguously, to understand the report and not be misled — either by what is included or by the omission of material information known to the Competent Person.
- Materiality
- A Public Report must contain all the relevant information that investors and their professional advisers would reasonably require, and reasonably expect to find, to make a reasoned and balanced judgement about the Exploration Results, Mineral Resources or Ore Reserves being reported. Where relevant information is not supplied, an explanation must be provided to justify its exclusion.
- Competence
- The Public Report must be based on work that is the responsibility of suitably qualified and experienced persons who are subject to an enforceable professional code of ethics. This person is the Competent Person.
What the Code governs — and what it does not
The JORC Code is a Code for Public Reporting. The guideline to Clause 6 states directly that the term “JORC compliant” refers to the manner of reporting, not to the estimates themselves, and that using it to describe resources or estimates is potentially misleading. The Code governs how an estimate is communicated to the market. It does not prescribe every procedure used by a Competent Person to estimate and classify a Mineral Resource or Ore Reserve, although the report must disclose material information about methods, assumptions and relevant Table 1 criteria.
The Code sets out minimum standards. Companies are encouraged to provide information in their Public Reports that is as comprehensive as possible (Clause 6 guideline).
The Code applies to all solid minerals for which Public Reporting is required by the ASX and NZX — including diamonds, other gemstones, industrial minerals and coal (Clause 7).
What is a Public Report?
Clause 6 defines a Public Report as one prepared for the purpose of informing investors or potential investors and their advisers on Exploration Results, Mineral Resources or Ore Reserves. The Code’s examples include annual and quarterly company reports, press releases, information memoranda, technical papers, website postings and public presentations — as well as ASX and NZX announcements.
CRIRSCO and the international context
The JORC Code has been the foundation of international efforts to standardise mineral reporting. Since 1994, the Committee for Mineral Reserves International Reporting Standards (CRIRSCO) has worked from the JORC definitions to build a set of standard international reporting definitions. The defined terms in JORC 2012 are aligned to the CRIRSCO Standard Definitions as revised in October 2012.
The JORC 2012 Table 1
The practical mechanism is the Table 1 checklist. For significant projects reporting initial or materially changed Exploration Results, Mineral Resources or Ore Reserves, the Public Report must include a technical summary of all relevant Table 1 sections on an “if not, why not” basis. See what the JORC 2012 Table 1 is.
Code editions and transition
This page covers the JORC Code, 2012 Edition. Check the current JORC, ASX and NZX primary sources for the status of any replacement Code and transition arrangements.
Planned product support: TableOne Flow currently supports drafting against the JORC 2012 Table 1 structure. Support for the replacement Code is planned. Its scope and timing depend on the final instrument and applicable exchange settings. This is a roadmap intention, not a currently available capability or fixed delivery commitment.
This page is an educational summary of the JORC 2012 Code. It is not legal or professional advice. Refer to the full Code text at JORC Code, 2012 Edition (PDF) and seek professional guidance specific to your situation. Source acknowledgement: Joint Ore Reserves Committee, JORC Code, 2012 Edition.
TableOne Flow is built around the JORC 2012 Table 1 structure. If you draft Table 1 material or take responsibility for the supporting documentation, tell us about your setup. Register interest →